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Trial Balanc e as on 1st
January 2010 is as follows:
Cash 100,000
Accounts Receivable 150,000
Inventory 200,000
Prepaid Rent 12,000
Machinery 500,000
Accumulated Depreciation: Machinery 50,000
Accounts Payable 120,000
Salaries Payable 20,000
Capital 352,000
Retained Earnings 100,000
Sales 600,000
Cost of Sales 250,000
Salaries Exp 10,000
Rent Exp 10,000
Depreciation Exp 10,000
Total 1,242,000 1,242,000
The details of some of the accounts are as follows:
Accounts Receivable
Date Invoice Amount
Pakistan Ltd 27th December, 2009 1122 100,000
ABC Ltd 27th December, 2009 1123 50,000
Accounts Payable
Date Invoice Amount
Zing Ltd 27th December, 2009 5584 70,000
Q Tec Ltd 27th December, 2009 2256 50,000
Inventory
Quantity Per Unit Amount
X-100 2,000 20 40,000
X-200 2,000 20 40,000
X-300 2,000 20 40,000
T-100 4,000 10 40,000
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T-200 4,000 10 40,000
Jan 01: Issued a Purchase Order to Zing Ltd for the Purchase of
following
Items:
Item Quantity Per Unit Amount
X-100 2,000 20 40,000
X-200 2,000 20 40,000
X-300 2,000 20 40,000
Jan02: Paid the salaries of Rs. 20,000 that were accrued last
month.
Jan 2: Issued a Purchase Order for the purchase of following
Items to Q Tec Ltd:
Quantity Per Unit AmountT-100 4,000 10 40,000
T-200 4,000 10 40,000
Jan 5: Received following goods from Zing Ltd against the
Purchase order of Jan
01:
Item Quantity Per Unit Amount
X-100 2,000 20 40,000X-200 2,000 20 40,000
Jan 6: Received all goods from Q Tec Ltd against the Purchase
order of Jan 02.
Jan06: Sent a quotation to Noor tec for the following items:
Inventory
Quantity Per Unit
X-100 1,000 40X-200 1,000 40
X-300 1,000 40
T-100 2,000 10
T-200 2,000 20
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Jan 07: Returned the following goods to Q Tec Ltd against the
purchase of Jan 05.
Item Quantity Per Unit Amount
X-100 100 20 40,000
X-200 100 20 40,000
Jan 07: A purchase order was received from Pakistan Ltd for the
purchase of
following goods:
Quantity Per Unit
X-100 2,000 40
X-300 2,000 45
T-100 4,000 23
T-200 4,000 23
(Goods will be delivered on 9 Jan)
Jan 09: Goods were sold to Pakistan Ltd against the Sales order
made on 7
Jan
Jan 10: Following goods sold to ABC Ltd :
Item Quantity Per Unit
X-100 2,000 45
X-200 2,000 45
Jan 11: Make full payment to Q Tec Ltd
Jan 12: Make the payment to Zing Ltd against the invoice of Jan
05
Jan 13: received payment from Pakistan Ltd against the goods
sold on Jan 09.
Jan 14: Quotation was approved by Noor Ltd and goods were sold
to them against
the quotation of Jan 06
Jan 15: goods returned by ABC Ltd:
Item Quantity Per Unit
X-100 50 45
X-200 50 45
